By Daily Crux Editor Justin Brill:

So much for Peak Oil...

The oil industry has been on a tear this year, reporting over 200 new discoveries on five continents, including what si likely the biggest oil discovery ever in the Gulf of Mexico.

The industry is just now beginning to see rewards from large investments in research and new technology made earlier in the decade, when oil prices began to rise. "That's the wonderful thing about price signals in a free market -- it puts people in a better position to take more exploration risk," said James T. Hackett, chairman and chief executive of Anadarko Petroleum.

Nearly 10 billion barrels of oil were discovered in just the first half of this year, a record-breaking pace likely to result in the most discoveries since 2000.

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